Royal Dutch Shell and Total this morning announced plans to sharply cut spending and freeze share buyback plans.
Why it matters: The moves signal how cratering demand from COVID-19 and the collapse in prices are upending the outlooks for companies large and small.
A member of the commission that oversees Texas' oil production spoke Friday with OPEC Secretary-General Mohammed Barkindo.
Why it matters: The extraordinary chat between Barkindo and the Texas Railroad Commission's Ryan Sitton underscores the unprecedented upheaval in global oil markets and the collapse in prices.
The potential for new U.S. responses to the oil price collapse has seemingly grown — enough to send prices back upward, even though it's all inchoate and fluid right now.
Driving the news: President Trump says he's eyeing some kind of intervention in the oil price war between Russia and Saudi Arabia, telling reporters yesterday that he would get involved "at the appropriate time."
President Trump said Thursday he's eyeing intervention in the oil price war between Russia and Saudi Arabia, a dispute that combined with COVID-19's economic toll is pushing prices sharply downward and creating financial jeopardy for U.S. producers.
At the appropriate time, I will get involved, yes.— President Trump
The oil-and-gas giant Total said Thursday it's acquiring an 80% stake in a planned floating wind project off the coast of Wales.
The state of play: Total said the deal with the developer Simply Blue Energy will make it one of the "first movers in this technology in the UK, the world’s largest offshore wind market."
This morning is bringing fresh and stark signs of how economic contraction from COVID-19 is crushing the oil market and forcing companies to cut back.
The big picture: The price collapse stems from COVID-19 freezing a significant amount of travel and economic activity, and the collapse of the Saudi-Russia agreement to limit production.
Coronavirus isn’t just wreaking havoc on our health, livelihoods and economies, it’s now poised to feed Middle East unrest and, possibly, terrorism.
The big picture: The oil-rich region is being ravaged by the novel coronavirus and low oil prices that have dropped even more due to the pandemic cutting off global demand and a related price war between Saudi Arabia and Russia.
ExxonMobil, citing an "unprecedented environment," said last night that it plans to "significantly" cut spending in light of the coronavirus and the collapse in oil prices.
Why it matters: The oil giant's announcement is the latest sign of how deeply the upended market is affecting the sector.
A group of Republican senators is slated to meet with the Saudi ambassador to the U.S. tomorrow to make the case that the kingdom should back off plans to flood the market with low-price crude.
Driving the news: The meeting hosted by Alaska Sen. Dan Sullivan follows an open letter to Saudi leaders from 13 senators, mostly from oil-producing states, which says "unsettled" energy markets are "unwelcome" amid the COVID-19 crisis.
Saudi Aramco plans to cut 2020 spending by billions of dollars below last year's levels as the spread of the novel coronavirus craters global oil consumption and pushes down prices.
Why it matters: Aramco is the world's largest oil-producing company. Sunday's announcement underscores how COVID-19 and the oil market's upheaval is affecting the energy landscape.